On July 24, 2023 VBI Vaccines Inc. (NASDAQ: VBIV) (VBI or the Company), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, reported that the underwriters of its recent underwritten public offering of common shares and accompanying common warrants to purchase common shares partially exercised their option to purchase an additional 1,536,363 common shares at a public offering price of $1.64 per common share (Press release, VBI Vaccines, JUL 24, 2023, View Source [SID1234633391]). The aggregate gross proceeds from this exercise were approximately $2.5 million, resulting in total gross proceeds of $23.5 million from the underwritten public offering and the previously completed concurrent registered direct offering, before deducting the underwriting discounts, commissions, and estimated offering expenses. The partial option exercise closed on July 21, 2023.

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Immediately following the closing of the partial option exercise, the number of outstanding common shares of the Company is 22,872,175.

Raymond James & Associates, Inc. acted as the sole book-running manager for the underwritten public offering. Newbridge Securities Corporation acted as the lead manager for the underwritten public offering. The registered direct offering was made without an underwriter or a placement agent.

VBI intends to use the net proceeds from the underwritten offering, including the partial option exercise, for the commercialization activities for PreHevbrio [Hepatitis B Vaccine (Recombinant)] in the United States, Europe, and Canada; manufacturing of PreHevbrio and clinical materials for its pipeline programs; and ongoing activities related to its development stage candidates, including VBI-1901 (glioblastoma) and VBI-2901 (coronaviruses). The net proceeds will also be used for general corporate purposes, including working capital and capital expenditures.

A shelf registration statement on Form S-3 (File No. 333-267109) relating to these securities was previously filed with the Securities and Exchange Commission ("SEC") on August 26, 2022 and declared effective on September 6, 2022. A final prospectus supplement and accompanying prospectus relating to the underwritten offering were filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.